1) Why is sound financial management so important for all sport organizations? What are three core financial statements, and what do they aim to measure? What are the key financial questions that all sport organizations need to ask in order to understand their overall financial well-being?2) Describe at least two different business classifications (e.g., sole proprietorship, partnership, corporation, LLC) in which an organization can be identified, and indicate which forms are used the most within the sport industry. Compare and contrast the classifications by identifying some advantages and disadvantages of one over the other. If you owned a professional sports team, which form of business ownership would you prefer and why? Describe one tax and one legal issue involved with the financial management of sport organizations.resource,TextFried, G., DeSchriver, T. D., & Mondello, M. (2013). Sport finance (3rd ed.). Human Kinetics. ISBN: 9781450421041